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Addus HomeCare Reports Fourth Quarter 2012 Results Completes Sale of Home Health Assets
Date:3/13/2013

PALATINE, Ill., March 13, 2013 /PRNewswire/ -- Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home-based social and medical services focused on the elderly dual eligible population, announced today its financial results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter Review  Total net service revenues for the fourth quarter of 2012 were $63.8 million, a 9.4% increase compared to $58.3 million in the prior year quarter.  Net income, including discontinued operations, was $3.7 million, or $0.35 per diluted share, a 50% increase over the prior year quarter.  Net income from continuing operations was $3.5 million, or $0.33 per diluted share, a 20.2% increase when compared to prior year quarter.  Continuing operations includes the results of operations previously included in the Home & Community segment and three agencies previously included in the Home Health segment. 

Mark Heaney, President and Chief Executive Officer of Addus HomeCare, stated, "Our Home & Community segment continued to demonstrate positive growth during the fourth quarter and we are pleased with the sale of our Home Health business."

Gross profit margins have declined when compared to the prior year quarter due to an increase in workers compensation expense.  Fourth quarter results from continuing operations for 2012 were positively affected by Workers Opportunity Tax Credits realized in the quarter, which substantially reduced income tax expense.  Fourth quarter 2011 results from continuing operations included two extraordinary items; the revaluation of contingent consideration and the receipt of prompt payment interest from the State of Illinois.  Income tax expense was negatively affected in 2011 by the goodwill impairment charge taken in 2011 on the Home Health business. 

On a pro forma basis, earni
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SOURCE Addus HomeCare Corporation
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